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Finances / Finanzen » uk.finance » United Utililities
| United Utililities [message #390331] |
Mo, 22 Mai 2006 15:57 |
|
Can anybody please let me have a brief summary on the share capital
changes made it about the last 12 months?
I understand that they have made some form of rights issue but I can't
find any details.
|
|
|
| Re: United Utililities (Long response) [message #390338 ] |
Mo, 22 Mai 2006 16:14 |
|
<bluenep27 [at] yahoo.co.uk> wrote in message
news:1148306251.029951.160390 [at] y43g2000cwc.googlegroups.com...
> Can anybody please let me have a brief summary on the share capital
> changes made it about the last 12 months?
>
> I understand that they have made some form of rights issue but I can't
> find any details.
>
Not for release or distribution in the United States of America, Australia,
France, New Zealand, South Africa, Canada and Switzerland.
6 June 2005
United Utilities PLC ('United Utilities' or the 'Company')
Rights Issue of Further A Shares to A Shareholders on the basis of One
Further
A Share for each Existing A Share at 165p per Further A Share
The Company announces that listing particulars relating to the issue of the
nil
paid rights, fully paid rights, and A shares are expected to be sent today
to
holders of A shares (other than those in the United States of America).
On 28 July 2003 United Utilities announced its intention to raise up to
£1,011
million, net of expenses, by way of the Two-Stage Rights Issue, to fund in
part
its capital investment programmes. This announcement relates to the second
stage of the Two-Stage Rights Issue; the offer by way of rights of one
Further
A Share for each A Share held on 2 June 2005 at a price of 165p per share.
This
Further A Share Rights Issue, like the fully subscribed First Stage, has not
been underwritten.
The Two-Stage Rights Issue was structured as two sequential offers by way of
rights of A Shares both at a price of 165 pence per A Share, so that the
gross
proceeds are received in two stages, approximately £510 million raised in
September 2003 and up to approximately £510 million expected to be raised in
June 2005. In aggregate, this Two-Stage Rights Issue is equivalent to the
right
to buy five New Ordinary Shares for every nine Ordinary Shares held on 20
August 2003 at a price of 330p per Ordinary Share.
The First Stage of the Two-Stage Rights Issue, the initial offer of A
Shares,
took place in 2003 when holders of Ordinary Shares were granted the right to
subscribe five A Shares for every nine Ordinary Shares held on 20 August
2003
at 165 pence per share. The initial offer of A Shares in 2003 raised
approximately £501.2 million, net of expenses.
In accordance with the terms of the Two-Stage Rights Issue, the Further A
Share
Rights Issue is only being made to holders of A Shares. Ordinary
Shareholders
were offered A Shares under the First Stage. Those who did not elect to take
up
their rights or who sold their rights in the market in 2003 have no
entitlement
to Further A Shares, unless they have bought A Shares in the market since
then
and held A Shares as at the close of business on 6 July 2005.
If subscribed for in full, the Further A Share Rights Issue will generate
gross
proceeds of up to approximately £510 million (up to approximately £507.5
million, net of expenses). Such proceeds will be used to fund in part United
Utilities' regulated capital investment programmes over the current
regulatory
period (2005-2010).
Admission of the Further A Shares, nil paid, is expected to become effective
and dealings in the Further A Shares, nil paid, to commence on 7 June 2005.
Following completion of the Further A Share Rights Issue, all the A Shares
in
issue (including the Further A Shares) will, in accordance with the rights
attaching to them under the articles of association of the Company, be
automatically consolidated into and reclassified as New Ordinary Shares on
the
basis of one New Ordinary Share for every two A Shares. Admission of the New
Ordinary Shares is expected to become effective and dealings in the New
Ordinary Shares, fully paid, to commence on 7 July 2005.
No share certificates will be issued in respect of the Further A Shares.
Share
certificates for the New Ordinary Shares resulting from the consolidation
and
reclassification of all of the A Shares are expected to be posted by 15 July
2005.
BACKGROUND, STRATEGY AND REASONS FOR THE FURTHER A SHARE RIGHTS ISSUE
Background
Since privatisation in 1989, United Utilities, through its subsidiary United
Utilities Water, has successfully undertaken a very substantial programme of
capital investment, to meet the requirements of the quality regulators
(principally the Environment Agency and the Drinking Water Inspectorate).
At the time of the offer of the Initial A Shares in 2003, the Board's
expectation for the current five-year review period (2005-10, known as AMP4)
was that the capital programme for United Utilities Water would be at least
as
large as the 2000-05 programme (known as AMP3) which, at its commencement,
was
estimated to require approximately £3 billion of investment. The Board has
now
accepted the final price determination of Ofwat for AMP4 based on a capital
programme of £2.9 billion (taking account of likely inflation over the AMP4
period) as set out in Ofwat's final determination document 'Future water and
sewerage charges 2005-2010: Final determinations' dated December 2004. In
addition, United Utilities Water is also expecting to spend approximately
£200
million in the AMP4 period as a result of carry-over of obligations funded
in
AMP3 (principally relating to its Unsatisfactory Intermittent Discharges
('UID') programme, which was subject to revisions in scope and scheduling
during the latter stages of AMP3 in agreement with Ofwat and the Environment
Agency).
Furthermore, United Utilities estimates that there is potential for up to
approximately £500 million of additional investment relating to projects
that
were not part of the regulatory contract for the 2005-10 period but which
may
be confirmed as additional obligations during the AMP4 period (1) by the
regulators. These potential additional obligations include: further work on
AMP3 UIDs (the scope of which work is still to be determined) and projects
that
were excluded by Ofwat from its final determination for AMP4 pending
investigation of such projects. To the extent that this additional
expenditure
of up to £500 million represents new obligations on United Utilities Water,
it
will meet the criterion for a 'relevant change of circumstance,' which means
that it may be eligible for inclusion in any IDoK application that United
Utilities Water might make during the AMP4 period. If an IDoK application is
made and is successful, Ofwat would adjust United Utilities Water's price
limits during the AMP4 period to provide additional revenues in respect of
this
capital expenditure and any other items that are required to be taken into
account in the IDoK.
If United Utilities Water chose not to make an IDoK application during AMP4,
either because such additional expenditure was not sufficiently material or
it
was offset by reduced costs in other areas, then United Utilities expects
that
this expenditure would, to the extent that it represents additional
obligations, be logged-up at the 2009 periodic review. The additional
expenditure would then be reflected in prices over the 2010-2015 period and
beyond.
Together, this amounts to a capital investment programme with a potential
scale
of up to approximately £3.6 billion for United Utilities Water during the
current review period, in line with the Board's expectation for the AMP4
regulatory period.
The capital investment programme requirements for United Utilities
Electricity
have also now been clarified. At the time of the offer of the Initial A
Shares
in 2003, the Board's expectation for the current regulatory period (2005-10)
was that the capital investment programme might be larger than in the
previous
period, which was estimated to be around £500 million. The Board has now
accepted Ofgem's final price determination based on a capital investment
programme of around £640 million (taking account of likely inflation over
the
AMP4 period) as set out in Ofgem's document 'Distribution Price Control
Review-Final Proposals' dated November 2004, in the current regulatory
period.
For the 2005-10 review period Ofwat has allowed companies to earn a real,
post-tax return of 5.1 per cent. In addition to this return, to ensure that
companies are able to raise the necessary finance in the capital markets to
undertake their investment programmes, Ofwat has included a 'financeability'
uplift in price limits. This is worth around £400 million in additional
revenues over the 2005-10 period, in net present value terms, for the water
industry.
Ofgem has allowed a real post-tax return of 4.8 per cent. In most cases
Ofgem
did not include a specific financeability uplift in price limits for the
2005-10 period but assessed financeability by reference to its intention to
propose price controls that were consistent with regulated companies being
able
to maintain investment grade ratings.
United Utilities' Strategy
Since United Utilities' current management team came together in 1999-2000,
the
Group has pursued a consistent strategy with two principal objectives:
* to improve the efficiency of its regulated businesses by maximising
synergies as a multi-utility operator, enabling outperformance against
regulatory targets and the delivery of additional returns; and
* to achieve growth in its support services businesses by using its core
skills of infrastructure management and business process outsourcing,
without either significant further investment or diversification risk.
A proportion of United Utilities' capital investment programmes has been
financed through capital and operating efficiencies. The Group plans to
identify further opportunities to outperform its operating cost savings
target
during 2005-10; however, having made significant savings in the 15 years
since
privatisation, there will be less scope for operating efficiency
improvements
to fund quality improvements in the future. As a result, greater reliance is
likely to be placed on other sources of funding, both from customers and
from
the capital markets.
The Group's non-regulated activities are now a significant portion of
overall
revenues, contributing over 40 per cent. of the Group's external revenue in
the
year ended 31 March 2005. These businesses are also a material component of
the
profitability of the Group. While pursuing further successful implementation
of
the Group's strategy to grow its support services businesses, the Group will
also seek to realise the benefits of the potential synergies and economies
of
scale arising from United Utilities Contract Solutions' and Vertex's
contract
wins during the last year and the new business opportunities available to
Vertex through its recent acquisition of Marlborough Stirling plc.
United Utilities' financial strategy is to maintain a strong balance sheet.
A
conventional equity funding structure is deemed by the Board to be
appropriate,
given the risks inherent in the regulated businesses. In the opinion of the
Directors it provides a robust base from which to undertake the raising of
new
debt and the refinancing of existing debt and secures better access to the
debt
markets. The benefits of this funding structure have been recognised by
Ofwat
and Ofgem
The successful implementation of the Group's strategy has delivered growth
in
profitability and supported the payment of substantial dividends during the
past five years.
Reasons for the Further A Share Rights Issue
The sequential structure of the Two-Stage Rights Issue was designed to
assist
in managing the level of gearing in the regulated businesses by matching the
receipt of proceeds from the issue of new equity as closely as is
practicable
to the requirements of the capital investment programmes in the regulated
businesses.
As part of the two-stage issue structure, the A Shares have attached to them
the right of each A Shareholder recorded on the register on 2 June 2005 to
subscribe, on the terms of and subject to the articles of association of the
Company for one Further A Share for every A Share then held at a price of
165p
per Further A Share.
The size of the capital investment programme over the AMP4 period for United
Utilities Water, which is now expected to be in the region of between £2.9
billion and £3.6 billion as described above, is substantial both in absolute
terms and relative to United Utilities Water's existing regulatory asset
base
and the Board's current expectations are that this scale of investment will
continue beyond 2010. In addition, within United Utilities' electricity
business, the current regulatory review period (2005-10) requires a capital
investment programme of £640 million (compared with £500 million for the
2000-2005 period). In anticipation of this and the capital investment
requirements of the remaining term of the AMP3 capital investment programme
and
of the electricity business, the Board considers that the Two-Stage Rights
Issue has and will put the Group in a stronger position to finance these
programmes and is consistent with its commitment to a conventional equity
structure.
Regular debt financing and refinancing are very significant components of
the
Group's overall funding plans. The beneficial impact of new equity on the
Group's credit profile should reduce the cost at which the Group is able to
issue debt. The proceeds from the Further A Share Rights Issue will be used
to
finance in part the capital expenditure programmes in the regulated
businesses.
DIVIDEND POLICY
The Board reviewed its dividend policy following publication of the
regulatory
reviews for the period 2005-2010. The Board's target is to maintain
dividends
in real terms throughout the five-year period.
The target of maintaining dividends in real terms is dependent on the Group
continuing to execute successfully its strategy of improving the efficiency
of
its regulated businesses, enabling the Group to outperform its regulatory
targets and deliver additional returns, and growing its support services
businesses, by using its core skills of infrastructure management and
business
process outsourcing. The target assumes that the Group at least meets its
cost
savings targets, as set by the Regulators, and its non-regulated businesses
continue to perform at least in line with current levels. The Board plans to
identify opportunities for the Group's regulated businesses to outperform
their
regulatory contracts in order to increase dividend cover and to grow the
Group's non-regulated earnings to enable further re-investment within these
activities.
PRINCIPAL TERMS OF THE FURTHER A SHARE RIGHTS ISSUE
The Further A Shares are being offered by way of rights to Qualifying
Shareholders on the following basis:
1 Further A Share at 165 pence per Further A Share for each Existing A Share
held and registered in their name at the Record Date.
If subscribed for in full, the Further A Share Rights Issue will generate
gross
proceeds of up to approximately £510 million (net proceeds of up to
approximately £507.5 million after expenses) through the issue of up to
309,286,997 Further A Shares, representing 100 per cent. of the Existing A
Shares) and equivalent to 154,643,498 New Ordinary Shares (representing
approximately 21.58 per cent. of the Existing Shares, being 561,995,970
Existing Ordinary Shares and 309,286,997 Existing A Shares in issue at the
close of business on 1 June 2005, on the basis of nominal value).
The latest time and date for acceptance and payment in full for the Further
A
Shares is 11.00 a.m. on 29 June 2005.
The issue of the Further A Shares has not been underwritten. Nil paid
Further A
Shares not taken up will be allotted and sold in the market if a premium
over
the aggregate of the Issue Price and expenses of sale can be achieved, and
this
premium will be paid (i) where the provisional allotment was, at the time it
lapsed, represented by a Provisional Allotment Letter, to the person whose
name
and address appeared on page 1 of the Provisional Allotment Letter; and (ii)
where the Nil Paid Rights were, at the time they lapsed, in uncertificated
form, to the person registered as the holder of the Nil Paid Rights at the
time
of their disablement in CREST, save that amounts of less than £3 per holding
will not be paid but will be aggregated and retained for the benefit of the
Company.
As the Further A Share Rights Issue is not underwritten, the total number of
Further A Shares to be issued may be less than 309,286,997 (and,
subsequently,
the number of New Ordinary Shares created on the consolidation and
reclassification may be less than 309,286,997).
The last time and date for the exercise of subscription rights to the
Further A
Shares is 11.00 a.m. on 29 June 2005. Following the completion of the issue
and
allotment of the Further A Shares, all of the A Shares will be consolidated
into and reclassified as New Ordinary Shares on a basis of one New Ordinary
Share for every two A Shares. With every Initial A Share and Further A Share
having an issue price of 165p, the New Ordinary Shares will have an
effective
issue price of 330p per share.
Admission of the Further A Shares, nil paid, is expected to become effective
and dealings in the Further A Shares, nil paid, to commence on 7 June 2005.
DIVIDEND ENTITLEMENTS AND DIVIDEND BONUS ELEMENT ADJUSTMENT
Following the completion of the issue and allotment of the Further A Shares
and
with effect from the close of business on 6 July 2005, all of the A Shares
in
issue (including the Further A Shares) will be consolidated into and
reclassified as New Ordinary Shares on the basis of one New Ordinary Share
for
every two A Shares. In practice, the Further A Shares will not rank for any
dividend prior to their consolidation into and reclassification as New
Ordinary
Shares, which is expected to take effect at the close of business on 6 July
2005. After the consolidation and reclassification of the A Shares, the
first
dividend for which the New Ordinary Shares will rank will be any interim
dividend in the year ending 31 March 2006. The New Ordinary Shares will then
rank equally for all dividends declared thereafter. Neither the Further A
Shares nor the New Ordinary Shares will rank for the final dividend of 30.63
pence per Ordinary Share and 15.315 pence per Existing A Share in respect of
the year ended 31 March 2005 expected to be paid on 26 August 2005.
In line with market practice and as outlined in the circular sent to
Shareholders in respect of the First Stage, the Board adjusted the dividends
on
the Ordinary Shares to take account of the bonus element of the First Stage
and
intends to further adjust the dividends on the Ordinary Shares to take
account
of the bonus element of the Further A Share Rights Issue. The Board
considers
that this adjustment is necessary in order to maintain the comparability of
dividends per share between current and historic financial years, reflecting
the bonus element of the rights issue, and in order to maintain the dividend
yield received by an Ordinary Shareholder.
CURRENT TRADING AND PROSPECTS
United Utilities' preliminary results for the year ended 31 March 2005 were
announced on 2 June 2005. The following paragraph contains highlights of
those
results and summarises the statements made regarding the Group's current
trading and prospects.
For the year ended 31 March 2005:
* Profit before tax (as shown on the face of the consolidated profit and
loss
account) for the entire Group - increased by 10 per cent. to £370
million
* Licensed multi-utility operations (i.e. United Utilities Water and
United
Utilities Electricity) - operating profit increased by 13 per cent. to
£588
million
* Infrastructure management - operating profit increased by 15 per cent.
to £
79 million
* Business process outsourcing - operating profit increased by 5 per cent.
to
£26 million
* Telecommunications - substantially reduced operating losses and achieved
break-even in the second half of the year
* Total dividend for the year of 45.42 pence per ordinary share, an
increase
of 2.5 per cent.
The Group's results for the year ended 31 March 2005 are a further milestone
in
the implementation of the Group's strategy put in place over five years ago.
Current trading across the Group since 31 March 2005 is satisfactory and in
line with the Board's expectations, and the Board is confident of the
Group's
financial and trading prospects for the current financial year.
Expected Timetable of Principal Events
2005
Record Date for the Further A Share Rights close of business on 2
Issue June
Despatch of Listing Particulars and Provisional 6 June
Allotment Letters
Dealings in Further A Shares, nil paid, 8.00 a.m. on 7 June
commence on the London Stock Exchange
Nil Paid Rights credited to stock accounts in as soon as practicable
CREST (Qualifying CREST Shareholders only) after 8.00 a.m. on 7 June
Recommended latest time for requesting 4.30 p.m. on 22 June
withdrawal of Nil Paid Rights or Fully Paid
Rights from CREST (i.e. if your Nil Paid Rights
or Fully Paid Rights are in CREST and you wish
to convert them into certificated form)
Latest time and date for depositing renounced 3.00 p.m. on 24 June
Provisional Allotment Letters, nil paid or
fully paid, into CREST or for dematerialising
Nil Paid Rights into a CREST stock account
Latest time and date for splitting Provisional 3.00 p.m. on 27 June
Allotment Letters
Latest time and date for acceptance and payment 11.00 a.m. on 29 June
in full and registration of renounced
Provisional Allotment Letters
Further A Shares credited to CREST stock 8.00 a.m. on 30 June
accounts (for uncertificated holders only) and
dealings in Further A Shares to commence on the
London Stock Exchange (fully paid)
Issue of New Ordinary Shares following close of business on 6
consolidation and reclassification of all A July
Shares in issue
New Ordinary Shares credited to stock accounts 7 July
in CREST (for uncertificated holders only) and
dealings in New Ordinary Shares to commence on
the London Stock Exchange
Despatch of definitive share certificates for by 15 July
New Ordinary Shares in certificated form
Notes:
i. The dates set out in the expected timetable of principal events above
may
be adjusted by United Utilities, in which event details of the new dates
will be notified to the UK Listing Authority and to the London Stock
Exchange and, where appropriate, to Shareholders.
ii. References to times in this announcement are to London time unless
otherwise stated.
Further Information
Listing particulars containing detailed information on the Further A Share
Rights Issue are expected to be sent to Qualifying Shareholders today. The
listing particulars include a section answering some of the frequently asked
questions on rights issues.
In addition, there will be a Shareholder Helpline on 0870 600 3971 (+44 1903
702767 if calling from outside the UK). This helpline is available from 8.30
a.m. to 5.30 p.m. Monday to Friday and will remain open to 5 August 2005.
Please note that calls may be monitored or recorded. For legal reasons, the
Shareholder Helpline will not be able to provide advice on the merits of the
Further A Share Rights Issue, the A Shares (including Further A Shares) or
the
New Ordinary Shares or to provide financial, tax or investment advice.
(1) As a result of typographical error, the eighth paragraph in the section
headed 'Operating Performance - Licensed Multi-Utility Operations' in the
Company's preliminary results announcement dated 2 June 2005 stated that any
such additional obligations may be confirmed by the regulators during the
2010-15 period. This reference to 2010-15 should have been to 2005-10.
For further information, contact:
United Utilities PLC 020 7307 0300
John Roberts, Chief Executive
Simon Batey, Finance Director
Simon Bielecki, Investor Relations Manager 07810 157649
Evelyn Brodie, Head of Corporate and Financial 020 7307 0309
Communications
Dresdner Kleinwort Wasserstein 020 7623 8000
Jonathan Roe
Julian Smith
Deutsche Bank 020 7545 8000
Martin Pengelley
Louise Miller
Financial Dynamics 020 7831 3113
Andrew Lorenz
Nothing in this announcement constitutes an offer of or an invitation by or
on
behalf of United Utilities PLC to subscribe for or purchase any securities
of
United Utilities PLC.
This announcement is not for release, publication or distribution, directly
or
indirectly, in whole or in part, in or into the United States (including its
territories and possessions, any state of the United States and the District
of
Columbia). This announcement is not an offer for sale of any ordinary
shares,
nil paid rights, fully paid rights, A shares or any other security of United
Utilities PLC within the United States or in any jurisdiction in which such
an
offer or solicitation is unlawful. Securities of United Utilities plc,
including any offering of its ordinary shares, nil paid rights, fully paid
rights or A shares, may not be offered or sold in the United States absent
registration under U.S. securities laws or unless exempt from registration
under such laws. There will be no public offer of securities in the United
States.
This announcement does not constitute an offer to sell, or the solicitation
of
an offer to subscribe for Nil Paid Rights, Fully Paid Rights or Further A
Shares in any jurisdiction in which such offer or solicitation is unlawful.
The
Nil Paid Rights, Fully Paid Rights, and Further A Shares will not qualify
for
distribution under any of the relevant securities laws of Australia, France,
New Zealand, South Africa or Switzerland (the 'Excluded Territories') nor
will
the Further A Shares qualify for distribution to the public in Canada.
Accordingly, subject to certain exceptions, the Nil Paid Rights, Fully Paid
Rights and Further A Shares may not be offered, sold, delivered, renounced
or
transferred, directly or indirectly, in or into the Excluded Territories or
Canada or any other country outside the United Kingdom and Ireland where
such
distribution may otherwise lead to a breach of any law or regulatory
requirement.
Listing particulars relating to the issue of the Nil Paid Rights, Fully Paid
Rights, and Further A Shares are expected to be sent to holders of A Shares
(other than those in the United States of America) on 6 June 2005 and to be
made available to the public for inspection in London at the document
viewing
facility nominated by the UK Listing Authority at 25 The North Colonnade,
Canary Wharf, London E14 5HS.
Certain statements in this announcement may constitute 'forward-looking
statements' within the meaning of Section 27A of the Securities Act and
Section
21E of the Exchange Act. All statements other than statements of historical
facts included in this announcement, including, without limitation, those
regarding United Utilities PLC's financial position, business strategy,
plans
and objectives of management for future operations, are forward-looking
statements. Such forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance
or achievements of United Utilities PLC, or industry results, to be
materially
different from any future results, performance or achievements expressed or
implied by such forward-looking statements. Such forward-looking statements
are
based on numerous assumptions regarding United Utilities PLC's present and
future business strategies and the environment in which United Utilities PLC
will operate in the future. These forward-looking statements speak only as
of
the date of this announcement. United Utilities PLC expressly disclaims any
obligation or undertaking to release publicly any updates or revisions to
any
forward-looking statement contained herein to reflect any change in United
Utilities PLC's expectations with regard thereto or any change in events,
conditions or circumstances on which any such statement is based other than
as
required by law or regulation.
Prices and values of, and income from, shares may go down as well as up and
an
investor may not get back the amount invested. It should be noted that past
performance is no guide to future performance. Persons needing advice should
consult an independent financial adviser.
Each of Dresdner Kleinwort Wasserstein Limited and Deutsche Bank AG London,
who
are authorised and regulated by the FSA for the conduct of investment
business
in the United Kingdom, is acting exclusively for United Utilities PLC and no
one else in connection with the Further A Share Rights Issue and will not be
responsible to anyone other than United Utilities PLC for providing the
protections afforded to clients of Dresdner Kleinwort Wasserstein Limited
and
Deutsche Bank AG London or for providing advice in relation to the rights
issue
or any other matter referred to in this announcement.
|
|
|
| Re: United Utililities (Long response) [message #390340 ] |
Mo, 22 Mai 2006 16:35 |
|
Miss L. Toe wrote:
> <bluenep27 [at] yahoo.co.uk> wrote in message
> news:1148306251.029951.160390 [at] y43g2000cwc.googlegroups.com...
> > Can anybody please let me have a brief summary on the share capital
> > changes made it about the last 12 months?
> >
> > I understand that they have made some form of rights issue but I can't
> > find any details.
> >
>
> Not for release or distribution in the United States of America, Austral=
ia,
> France, New Zealand, South Africa, Canada and Switzerland.
>
> 6 June 2005
>
> United Utilities PLC ('United Utilities' or the 'Company')
>
> Rights Issue of Further A Shares to A Shareholders on the basis of One
> Further
> A Share for each Existing A Share at 165p per Further A Share
>
> The Company announces that listing particulars relating to the issue of t=
he
> nil
> paid rights, fully paid rights, and A shares are expected to be sent today
> to
> holders of A shares (other than those in the United States of America).
>
> On 28 July 2003 United Utilities announced its intention to raise up to
> =A31,011
> million, net of expenses, by way of the Two-Stage Rights Issue, to fund in
> part
> its capital investment programmes. This announcement relates to the second
> stage of the Two-Stage Rights Issue; the offer by way of rights of one
> Further
> A Share for each A Share held on 2 June 2005 at a price of 165p per share.
> This
> Further A Share Rights Issue, like the fully subscribed First Stage, has =
not
> been underwritten.
>
> The Two-Stage Rights Issue was structured as two sequential offers by way=
of
> rights of A Shares both at a price of 165 pence per A Share, so that the
> gross
> proceeds are received in two stages, approximately =A3510 million raised =
in
> September 2003 and up to approximately =A3510 million expected to be rais=
ed in
> June 2005. In aggregate, this Two-Stage Rights Issue is equivalent to the
> right
> to buy five New Ordinary Shares for every nine Ordinary Shares held on 20
> August 2003 at a price of 330p per Ordinary Share.
>
> The First Stage of the Two-Stage Rights Issue, the initial offer of A
> Shares,
> took place in 2003 when holders of Ordinary Shares were granted the right=
to
> subscribe five A Shares for every nine Ordinary Shares held on 20 August
> 2003
> at 165 pence per share. The initial offer of A Shares in 2003 raised
> approximately =A3501.2 million, net of expenses.
>
> In accordance with the terms of the Two-Stage Rights Issue, the Further A
> Share
> Rights Issue is only being made to holders of A Shares. Ordinary
> Shareholders
> were offered A Shares under the First Stage. Those who did not elect to t=
ake
> up
> their rights or who sold their rights in the market in 2003 have no
> entitlement
> to Further A Shares, unless they have bought A Shares in the market since
> then
> and held A Shares as at the close of business on 6 July 2005.
>
> If subscribed for in full, the Further A Share Rights Issue will generate
> gross
> proceeds of up to approximately =A3510 million (up to approximately =A350=
7=2E5
> million, net of expenses). Such proceeds will be used to fund in part Uni=
ted
> Utilities' regulated capital investment programmes over the current
> regulatory
> period (2005-2010).
>
> Admission of the Further A Shares, nil paid, is expected to become effect=
ive
> and dealings in the Further A Shares, nil paid, to commence on 7 June 200=
5=2E
> Following completion of the Further A Share Rights Issue, all the A Shares
> in
> issue (including the Further A Shares) will, in accordance with the rights
> attaching to them under the articles of association of the Company, be
> automatically consolidated into and reclassified as New Ordinary Shares on
> the
> basis of one New Ordinary Share for every two A Shares. Admission of the =
New
> Ordinary Shares is expected to become effective and dealings in the New
> Ordinary Shares, fully paid, to commence on 7 July 2005.
>
> No share certificates will be issued in respect of the Further A Shares.
> Share
> certificates for the New Ordinary Shares resulting from the consolidation
> and
> reclassification of all of the A Shares are expected to be posted by 15 J=
uly
> 2005.
>
> BACKGROUND, STRATEGY AND REASONS FOR THE FURTHER A SHARE RIGHTS ISSUE
>
> Background
>
> Since privatisation in 1989, United Utilities, through its subsidiary Uni=
ted
> Utilities Water, has successfully undertaken a very substantial programme=
of
> capital investment, to meet the requirements of the quality regulators
> (principally the Environment Agency and the Drinking Water Inspectorate).
>
> At the time of the offer of the Initial A Shares in 2003, the Board's
> expectation for the current five-year review period (2005-10, known as AM=
P4)
> was that the capital programme for United Utilities Water would be at lea=
st
> as
> large as the 2000-05 programme (known as AMP3) which, at its commencement,
> was
> estimated to require approximately =A33 billion of investment. The Board =
has
> now
> accepted the final price determination of Ofwat for AMP4 based on a capit=
al
> programme of =A32.9 billion (taking account of likely inflation over the =
AMP4
> period) as set out in Ofwat's final determination document 'Future water =
and
> sewerage charges 2005-2010: Final determinations' dated December 2004. In
> addition, United Utilities Water is also expecting to spend approximately
> =A3200
> million in the AMP4 period as a result of carry-over of obligations funded
> in
> AMP3 (principally relating to its Unsatisfactory Intermittent Discharges
> ('UID') programme, which was subject to revisions in scope and scheduling
> during the latter stages of AMP3 in agreement with Ofwat and the Environm=
ent
> Agency).
>
> Furthermore, United Utilities estimates that there is potential for up to
> approximately =A3500 million of additional investment relating to projects
> that
> were not part of the regulatory contract for the 2005-10 period but which
> may
> be confirmed as additional obligations during the AMP4 period (1) by the
> regulators. These potential additional obligations include: further work =
on
> AMP3 UIDs (the scope of which work is still to be determined) and projects
> that
> were excluded by Ofwat from its final determination for AMP4 pending
> investigation of such projects. To the extent that this additional
> expenditure
> of up to =A3500 million represents new obligations on United Utilities Wa=
ter,
> it
> will meet the criterion for a 'relevant change of circumstance,' which me=
ans
> that it may be eligible for inclusion in any IDoK application that United
> Utilities Water might make during the AMP4 period. If an IDoK application=
is
> made and is successful, Ofwat would adjust United Utilities Water's price
> limits during the AMP4 period to provide additional revenues in respect of
> this
> capital expenditure and any other items that are required to be taken into
> account in the IDoK.
>
> If United Utilities Water chose not to make an IDoK application during AM=
P4,
> either because such additional expenditure was not sufficiently material =
or
> it
> was offset by reduced costs in other areas, then United Utilities expects
> that
> this expenditure would, to the extent that it represents additional
> obligations, be logged-up at the 2009 periodic review. The additional
> expenditure would then be reflected in prices over the 2010-2015 period a=
nd
> beyond.
>
> Together, this amounts to a capital investment programme with a potential
> scale
> of up to approximately =A33.6 billion for United Utilities Water during t=
he
> current review period, in line with the Board's expectation for the AMP4
> regulatory period.
>
> The capital investment programme requirements for United Utilities
> Electricity
> have also now been clarified. At the time of the offer of the Initial A
> Shares
> in 2003, the Board's expectation for the current regulatory period (2005-=
10)
> was that the capital investment programme might be larger than in the
> previous
> period, which was estimated to be around =A3500 million. The Board has now
> accepted Ofgem's final price determination based on a capital investment
> programme of around =A3640 million (taking account of likely inflation ov=
er
> the
> AMP4 period) as set out in Ofgem's document 'Distribution Price Control
> Review-Final Proposals' dated November 2004, in the current regulatory
> period.
>
> For the 2005-10 review period Ofwat has allowed companies to earn a real,
> post-tax return of 5.1 per cent. In addition to this return, to ensure th=
at
> companies are able to raise the necessary finance in the capital markets =
to
> undertake their investment programmes, Ofwat has included a 'financeabili=
ty'
> uplift in price limits. This is worth around =A3400 million in additional
> revenues over the 2005-10 period, in net present value terms, for the wat=
er
> industry.
>
> Ofgem has allowed a real post-tax return of 4.8 per cent. In most cases
> Ofgem
> did not include a specific financeability uplift in price limits for the
> 2005-10 period but assessed financeability by reference to its intention =
to
> propose price controls that were consistent with regulated companies being
> able
> to maintain investment grade ratings.
>
> United Utilities' Strategy
>
> Since United Utilities' current management team came together in 1999-200=
0,
> the
> Group has pursued a consistent strategy with two principal objectives:
>
> * to improve the efficiency of its regulated businesses by maximising
> synergies as a multi-utility operator, enabling outperformance against
> regulatory targets and the delivery of additional returns; and
>
> * to achieve growth in its support services businesses by using its core
> skills of infrastructure management and business process outsourcing,
> without either significant further investment or diversification risk.
>
> A proportion of United Utilities' capital investment programmes has been
> financed through capital and operating efficiencies. The Group plans to
> identify further opportunities to outperform its operating cost savings
> target
> during 2005-10; however, having made significant savings in the 15 years
> since
> privatisation, there will be less scope for operating efficiency
> improvements
> to fund quality improvements in the future. As a result, greater reliance=
is
> likely to be placed on other sources of funding, both from customers and
> from
> the capital markets.
>
> The Group's non-regulated activities are now a significant portion of
> overall
> revenues, contributing over 40 per cent. of the Group's external revenue =
in
> the
> year ended 31 March 2005. These businesses are also a material component =
of
> the
> profitability of the Group. While pursuing further successful implementat=
ion
> of
> the Group's strategy to grow its support services businesses, the Group w=
ill
> also seek to realise the benefits of the potential synergies and economies
> of
> scale arising from United Utilities Contract Solutions' and Vertex's
> contract
> wins during the last year and the new business opportunities available to
> Vertex through its recent acquisition of Marlborough Stirling plc.
>
> United Utilities' financial strategy is to maintain a strong balance shee=
t=2E
> A
> conventional equity funding structure is deemed by the Board to be
> appropriate,
> given the risks inherent in the regulated businesses. In the opinion of t=
he
> Directors it provides a robust base from which to undertake the raising of
> new
> debt and the refinancing of existing debt and secures better access to the
> debt
> markets. The benefits of this funding structure have been recognised by
> Ofwat
> and Ofgem
>
> The successful implementation of the Group's strategy has delivered growth
> in
> profitability and supported the payment of substantial dividends during t=
he
> past five years.
>
> Reasons for the Further A Share Rights Issue
>
> The sequential structure of the Two-Stage Rights Issue was designed to
> assist
> in managing the level of gearing in the regulated businesses by matching =
the
> receipt of proceeds from the issue of new equity as closely as is
> practicable
> to the requirements of the capital investment programmes in the regulated
> businesses.
>
> As part of the two-stage issue structure, the A Shares have attached to t=
hem
> the right of each A Shareholder recorded on the register on 2 June 2005 to
> subscribe, on the terms of and subject to the articles of association of =
the
> Company for one Further A Share for every A Share then held at a price of
> 165p
> per Further A Share.
>
> The size of the capital investment programme over the AMP4 period for Uni=
ted
> Utilities Water, which is now expected to be in the region of between =A3=
2=2E9
> billion and =A33.6 billion as described above, is substantial both in abs=
olute
> terms and relative to United Utilities Water's existing regulatory asset
> base
> and the Board's current expectations are that this scale of investment wi=
ll
> continue beyond 2010. In addition, within United Utilities' electricity
> business, the current regulatory review period (2005-10) requires a capit=
al
> investment programme of =A3640 million (compared with =A3500 million for =
the
> 2000-2005 period). In anticipation of this and the capital investment
> requirements of the remaining term of the AMP3 capital investment program=
me
> and
> of the electricity business, the Board considers that the Two-Stage Rights
> Issue has and will put the Group in a stronger position to finance these
> programmes and is consistent with its commitment to a conventional equity
> structure.
>
> Regular debt financing and refinancing are very significant components of
> the
> Group's overall funding plans. The beneficial impact of new equity on the
> Group's credit profile should reduce the cost at which the Group is able =
to
> issue debt. The proceeds from the Further A Share Rights Issue will be us=
ed
> to
> finance in part the capital expenditure programmes in the regulated
> businesses.
>
> DIVIDEND POLICY
>
> The Board reviewed its dividend policy following publication of the
> regulatory
> reviews for the period 2005-2010. The Board's target is to maintain
> dividends
> in real terms throughout the five-year period.
>
> The target of maintaining dividends in real terms is dependent on the Gro=
up
> continuing to execute successfully its strategy of improving the efficien=
cy
> of
> its regulated businesses, enabling the Group to outperform its regulatory
> targets and deliver additional returns, and growing its support services
> businesses, by using its core skills of infrastructure management and
> business
> process outsourcing. The target assumes that the Group at least meets its
> cost
> savings targets, as set by the Regulators, and its non-regulated business=
es
> continue to perform at least in line with current levels. The Board plans=
to
> identify opportunities for the Group's regulated businesses to outperform
> their
> regulatory contracts in order to increase dividend cover and to grow the
> Group's non-regulated earnings to enable further re-investment within the=
se
> activities.
>
> PRINCIPAL TERMS OF THE FURTHER A SHARE RIGHTS ISSUE
>
> The Further A Shares are being offered by way of rights to Qualifying
> Shareholders on the following basis:
>
> 1 Further A Share at 165 pence per Further A Share for each Existing A Sh=
are
>
> held and registered in their name at the Record Date.
>
> If subscribed for in full, the Further A Share Rights Issue will generate
> gross
> proceeds of up to approximately =A3510 million (net proceeds of up to
> approximately =A3507.5 million after expenses) through the issue of up to
> 309,286,997 Further A Shares, representing 100 per cent. of the Existing A
> Shares) and equivalent to 154,643,498 New Ordinary Shares (representing
> approximately 21.58 per cent. of the Existing Shares, being 561,995,970
> Existing Ordinary Shares and 309,286,997 Existing A Shares in issue at the
> close of business on 1 June 2005, on the basis of nominal value).
>
> The latest time and date for acceptance and payment in full for the Furth=
er
> A
> Shares is 11.00 a.m. on 29 June 2005.
>
> The issue of the Further A Shares has not been underwritten. Nil paid
> Further A
> Shares not taken up will be allotted and sold in the market if a premium
> over
> the aggregate of the Issue Price and expenses of sale can be achieved, and
> this
> premium will be paid (i) where the provisional allotment was, at the time=
it
> lapsed, represented by a Provisional Allotment Letter, to the person whose
> name
> and address appeared on page 1 of the Provisional Allotment Letter; and (=
ii)
> where the Nil Paid Rights were, at the time they lapsed, in uncertificated
> form, to the person registered as the holder of the Nil Paid Rights at the
> time
> of their disablement in CREST, save that amounts of less than =A33 per ho=
lding
> will not be paid but will be aggregated and retained for the benefit of t=
he
> Company.
>
> As the Further A Share Rights Issue is not underwritten, the total number=
of
> Further A Shares to be issued may be less than 309,286,997 (and,
> subsequently,
> the number of New Ordinary Shares created on the consolidation and
> reclassification may be less than 309,286,997).
>
> The last time and date for the exercise of subscription rights to the
> Further A
> Shares is 11.00 a.m. on 29 June 2005. Following the completion of the iss=
ue
> and
> allotment of the Further A Shares, all of the A Shares will be consolidat=
ed
> into and reclassified as New Ordinary Shares on a basis of one New Ordina=
ry
> Share for every two A Shares. With every Initial A Share and Further A Sh=
are
> having an issue price of 165p, the New Ordinary Shares will have an
> effective
> issue price of 330p per share.
>
> Admission of the Further A Shares, nil paid, is expected to become effect=
ive
> and dealings in the Further A Shares, nil paid, to commence on 7 June 200=
5=2E
>
> DIVIDEND ENTITLEMENTS AND DIVIDEND BONUS ELEMENT ADJUSTMENT
>
> Following the completion of the issue and allotment of the Further A Shar=
es
> and
> with effect from the close of business on 6 July 2005, all of the A Shares
> in
> issue (including the Further A Shares) will be consolidated into and
> reclassified as New Ordinary Shares on the basis of one New Ordinary Share
> for
> every two A Shares. In practice, the Further A Shares will not rank for a=
ny
> dividend prior to their consolidation into and reclassification as New
> Ordinary
> Shares, which is expected to take effect at the close of business on 6 Ju=
ly
> 2005. After the consolidation and reclassification of the A Shares, the
> first
> dividend for which the New Ordinary Shares will rank will be any interim
> dividend in the year ending 31 March 2006. The New Ordinary Shares will t=
hen
> rank equally for all dividends declared thereafter. Neither the Further A
> Shares nor the New Ordinary Shares will rank for the final dividend of 30=
..63
> pence per Ordinary Share and 15.315 pence per Existing A Share in respect=
of
> the year ended 31 March 2005 expected to be paid on 26 August 2005.
>
> In line with market practice and as outlined in the circular sent to
> Shareholders in respect of the First Stage, the Board adjusted the divide=
nds
> on
> the Ordinary Shares to take account of the bonus element of the First Sta=
ge
> and
> intends to further adjust the dividends on the Ordinary Shares to take
> account
> of the bonus element of the Further A Share Rights Issue. The Board
> considers
> that this adjustment is necessary in order to maintain the comparability =
of
> dividends per share between current and historic financial years, reflect=
ing
> the bonus element of the rights issue, and in order to maintain the divid=
end
> yield received by an Ordinary Shareholder.
>
> CURRENT TRADING AND PROSPECTS
>
> United Utilities' preliminary results for the year ended 31 March 2005 we=
re
> announced on 2 June 2005. The following paragraph contains highlights of
> those
> results and summarises the statements made regarding the Group's current
> trading and prospects.
>
> For the year ended 31 March 2005:
>
> * Profit before tax (as shown on the face of the consolidated profit and
> loss
> account) for the entire Group - increased by 10 per cent. to =A3370
> million
>
> * Licensed multi-utility operations (i.e. United Utilities Water and
> United
> Utilities Electricity) - operating profit increased by 13 per cent. to
> =A3588
> million
>
> * Infrastructure management - operating profit increased by 15 per cent.
> to =A3
> 79 million
>
> * Business process outsourcing - operating profit increased by 5 per ce=
nt.
> to
> =A326 million
>
> * Telecommunications - substantially reduced operating losses and achie=
ved
> break-even in the second half of the year
>
> * Total dividend for the year of 45.42 pence per ordinary share, an
> increase
> of 2.5 per cent.
>
> The Group's results for the year ended 31 March 2005 are a further milest=
one
> in
> the implementation of the Group's strategy put in place over five years a=
go.
>
> Current trading across the Group since 31 March 2005 is satisfactory and =
in
> line with the Board's expectations, and the Board is confident of the
> Group's
> financial and trading prospects for the current financial year.
>
> Expected Timetable of Principal Events
>
> 2005
>
> Record Date for the Further A Share Rights close of business on 2
> Issue June
>
> Despatch of Listing Particulars and Provisional 6 June
> Allotment Letters
>
> Dealings in Further A Shares, nil paid, 8.00 a.m. on 7 June
> commence on the London Stock Exchange
>
> Nil Paid Rights credited to stock accounts in as soon as practicable
> CREST (Qualifying CREST Shareholders only) after 8.00 a.m. on 7 June
>
> Recommended latest time for requesting 4.30 p.m. on 22 June
> withdrawal of Nil Paid Rights or Fully Paid
> Rights from CREST (i.e. if your Nil Paid Rights
> or Fully Paid Rights are in CREST and you wish
> to convert them into certificated form)
>
> Latest time and date for depositing renounced 3.00 p.m. on 24 June
> Provisional Allotment Letters, nil paid or
> fully paid, into CREST or for dematerialising
> Nil Paid Rights into a CREST stock account
>
> Latest time and date for splitting Provisional 3.00 p.m. on 27 June
> Allotment Letters
>
> Latest time and date for acceptance and payment 11.00 a.m. on 29 June
> in full and registration of renounced
> Provisional Allotment Letters
>
> Further A Shares credited to CREST stock 8.00 a.m. on 30 June
> accounts (for uncertificated holders only) and
> dealings in Further A Shares to commence on the
> London Stock Exchange (fully paid)
>
> Issue of New Ordinary Shares following close of business on 6
> consolidation and reclassification of all A July
> Shares in issue
>
> New Ordinary Shares credited to stock accounts 7 July
> in CREST (for uncertificated holders only) and
> dealings in New Ordinary Shares to commence on
> the London Stock Exchange
>
> Despatch of definitive share certificates for by 15 July
> New Ordinary Shares in certificated form
>
> Notes:
>
> i. The dates set out in the expected timetable of principal events above
> may
> be adjusted by United Utilities, in which event details of the new da=
tes
> will be notified to the UK Listing Authority and to the London Stock
> Exchange and, where appropriate, to Shareholders.
>
> ii. References to times in this announcement are to London time unless
> otherwise stated.
>
> Further Information
>
> Listing particulars containing detailed information on the Further A Share
> Rights Issue are expected to be sent to Qualifying Shareholders today. The
> listing particulars include a section answering some of the frequently as=
ked
> questions on rights issues.
>
> In addition, there will be a Shareholder Helpline on 0870 600 3971 (+44 1=
903
> 702767 if calling from outside the UK). This helpline is available from 8=
..30
> a.m. to 5.30 p.m. Monday to Friday and will remain open to 5 August 2005.
> Please note that calls may be monitored or recorded. For legal reasons, t=
he
> Shareholder Helpline will not be able to provide advice on the merits of =
the
> Further A Share Rights Issue, the A Shares (including Further A Shares) or
> the
> New Ordinary Shares or to provide financial, tax or investment advice.
>
> (1) As a result of typographical error, the eighth paragraph in the secti=
on
> headed 'Operating Performance - Licensed Multi-Utility Operations' in the
> Company's preliminary results announcement dated 2 June 2005 stated that =
any
> such additional obligations may be confirmed by the regulators during the
> 2010-15 period. This reference to 2010-15 should have been to 2005-10.
>
> For further information, contact:
>
> United Utilities PLC 020 7307 0300
>
> John Roberts, Chief Executive
>
> Simon Batey, Finance Director
>
> Simon Bielecki, Investor Relations Manager 07810 157649
>
> Evelyn Brodie, Head of Corporate and Financial 020 7307 0309
> Communications
>
> Dresdner Kleinwort Wasserstein 020 7623 8000
>
> Jonathan Roe
>
> Julian Smith
>
> Deutsche Bank 020 7545 8000
>
> Martin Pengelley
>
> Louise Miller
>
> Financial Dynamics 020 7831 3113
>
> Andrew Lorenz
>
> Nothing in this announcement constitutes an offer of or an invitation by =
or
> on
> behalf of United Utilities PLC to subscribe for or purchase any securities
> of
> United Utilities PLC.
>
> This announcement is not for release, publication or distribution, direct=
ly
> or
> indirectly, in whole or in part, in or into the United States (including =
its
> territories and possessions, any state of the United States and the Distr=
ict
> of
> Columbia). This announcement is not an offer for sale of any ordinary
> shares,
> nil paid rights, fully paid rights, A shares or any other security of Uni=
ted
> Utilities PLC within the United States or in any jurisdiction in which su=
ch
> an
> offer or solicitation is unlawful. Securities of United Utilities plc,
> including any offering of its ordinary shares, nil paid rights, fully paid
> rights or A shares, may not be offered or sold in the United States absent
> registration under U.S. securities laws or unless exempt from registration
> under such laws. There will be no public offer of securities in the United
> States.
>
> This announcement does not constitute an offer to sell, or the solicitati=
on
> of
> an offer to subscribe for Nil Paid Rights, Fully Paid Rights or Further A
> Shares in any jurisdiction in which such offer or solicitation is unlawfu=
l=2E
> The
> Nil Paid Rights, Fully Paid Rights, and Further A Shares will not qualify
> for
> distribution under any of the relevant securities laws of Australia, Fran=
ce,
> New Zealand, South Africa or Switzerland (the 'Excluded Territories') nor
> will
> the Further A Shares qualify for distribution to the public in Canada.
> Accordingly, subject to certain exceptions, the Nil Paid Rights, Fully Pa=
id
> Rights and Further A Shares may not be offered, sold, delivered, renounced
> or
> transferred, directly or indirectly, in or into the Excluded Territories =
or
> Canada or any other country outside the United Kingdom and Ireland where
> such
> distribution may otherwise lead to a breach of any law or regulatory
> requirement.
>
> Listing particulars relating to the issue of the Nil Paid Rights, Fully P=
aid
> Rights, and Further A Shares are expected to be sent to holders of A Shar=
es
> (other than those in the United States of America) on 6 June 2005 and to =
be
> made available to the public for inspection in London at the document
> viewing
> facility nominated by the UK Listing Authority at 25 The North Colonnade,
> Canary Wharf, London E14 5HS.
>
> Certain statements in this announcement may constitute 'forward-looking
> statements' within the meaning of Section 27A of the Securities Act and
> Section
> 21E of the Exchange Act. All statements other than statements of historic=
al
> facts included in this announcement, including, without limitation, those
> regarding United Utilities PLC's financial position, business strategy,
> plans
> and objectives of management for future operations, are forward-looking
> statements. Such forward-looking statements involve known and unknown ris=
ks,
> uncertainties and other factors which may cause the actual results,
> performance
> or achievements of United Utilities PLC, or industry results, to be
> materially
> different from any future results, performance or achievements expressed =
or
> implied by such forward-looking statements. Such forward-looking statemen=
ts
> are
> based on numerous assumptions regarding United Utilities PLC's present and
> future business strategies and the environment in which United Utilities =
PLC
> will operate in the future. These forward-looking statements speak only as
> of
> the date of this announcement. United Utilities PLC expressly disclaims a=
ny
> obligation or undertaking to release publicly any updates or revisions to
> any
> forward-looking statement contained herein to reflect any change in United
> Utilities PLC's expectations with regard thereto or any change in events,
> conditions or circumstances on which any such statement is based other th=
an
> as
> required by law or regulation.
>
> Prices and values of, and income from, shares may go down as well as up a=
nd
> an
> investor may not get back the amount invested. It should be noted that pa=
st
> performance is no guide to future performance. Persons needing advice sho=
uld
> consult an independent financial adviser.
>
> Each of Dresdner Kleinwort Wasserstein Limited and Deutsche Bank AG Londo=
n,
> who
> are authorised and regulated by the FSA for the conduct of investment
> business
> in the United Kingdom, is acting exclusively for United Utilities PLC and=
no
> one else in connection with the Further A Share Rights Issue and will not=
be
> responsible to anyone other than United Utilities PLC for providing the
> protections afforded to clients of Dresdner Kleinwort Wasserstein Limited
> and
> Deutsche Bank AG London or for providing advice in relation to the rights
> issue
> or any other matter referred to in this announcement.
____________________________________________________________ _______________=
___
Many thanks for such a quick and complete reply.
Did you have a copy of the original announcement?
|
|
|
| Re: United Utililities (Long response) [message #390344 ] |
Mo, 22 Mai 2006 16:48 |
|
> Many thanks for such a quick and complete reply.
You're welcome.
> Did you have a copy of the original announcement?
The post was a copy of the original announcement, taken from stock exchange
announcement.
|
|
|
| Re: United Utililities (Long response) [message #390347 ] |
Mo, 22 Mai 2006 17:14 |
|
Miss L. Toe wrote:
> Not for release or distribution in the United States of America,
> Australia,
> France, New Zealand, South Africa, Canada and Switzerland.
Who's a naughty girl, then?
|
|
|
| Re: United Utililities (Long response) [message #390348 ] |
Mo, 22 Mai 2006 17:19 |
|
"Ronald Raygun" <no.spam [at] localhost.localdomain> wrote in message
news:dzkcg.73574$wl.13224 [at] text.news.blueyonder.co.uk...
> Miss L. Toe wrote:
>
> > Not for release or distribution in the United States of America,
> > Australia,
> > France, New Zealand, South Africa, Canada and Switzerland.
>
> Who's a naughty girl, then?
>
Who's newsserver has been naughty ? :-)
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| Re: United Utililities [message #390369 ] |
Mo, 22 Mai 2006 23:21 |
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On 22 May 2006 06:57:31 -0700, bluenep27 [at] yahoo.co.uk wrote:
>Can anybody please let me have a brief summary on the share capital
>changes made it about the last 12 months?
< URL:http://www.investegate.co.uk/Article.aspx?id=20050606131 807P5A9D>
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